10 Jan 2025
Singapore's Shophouse Market Trends and Outlook for 2025
Property Insight

Freehold shophouse properties dominated the shophouse market in 2024, representing 69.4% of transactions. These properties remain highly sought after for their perpetual ownership and long-term security. Properties with 999-year leasehold tenure accounted for 18.1%, while 99-year leaseholds constituted 12.5% of transactions, highlighting varied investor interests.

District 8 led shophouse transactions with 33 deals, emphasizing its appeal due to its central location and vibrant commercial activities. Other notable districts included District 14 with eight transactions and Districts 1 and 2 with five transactions each, underscoring sustained demand in strategically located areas.

The rental market also showed strength, with total rental value rising from $34.9 million in the first 11 months of 2023 to $37.7 million during the same period in 2024, marking an 8.2% year-on-year growth. This increase reflects robust demand for shophouses as versatile commercial spaces, bolstered by their charm and strategic locations.

Tourism recovery played a pivotal role in boosting the market. International visitor arrivals surged from 12.4 million in the first 11 months of 2023 to 15.1 million in the same period in 2024, a 22.3% increase. This growth supported sectors like accommodation, retail, and F&B, further driving demand for commercial shophouse spaces.

Looking ahead to 2025, the shophouse market is poised for sustained growth. Factors such as anticipated Federal Reserve rate cuts, Singapore's strong global connectivity, and its positioning as a global business hub are expected to support investor confidence. The enduring appeal of conservation properties, coupled with the continued momentum in tourism, will likely bolster demand. These dynamics position the shophouse segment as a robust and attractive asset class within Singapore’s commercial property market.

Click here for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg  

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CCR Property Prices Rise in 1H2025 Amid Renewed Luxury Market Confidence

The Core Central Region (CCR) continued to demonstrate resilience and growth in the first half of 2025. According to flash estimates, non-landed private residential prices in the CCR increased by 3.1%, slightly above the 3.0% growth in 1H2024. Notably, 2Q2025 alone contributed a 2.3% rise, rebounding from a more muted 0.8% gain in the first quarter. This sequential improvement underscores renewed confidence and a firmer price trajectory in the prime segment.

High-value transactions, particularly in the $10 million and above category, nearly doubled year-on-year to 29 deals in 1H2025, with 21 Anderson, Park Nova, and Skywaters Residences recording standout performances. This uplift reflects healthy demand for large-format luxury homes in coveted CCR addresses and has reinforced price resilience, especially in the new sale market.

New sale activity in CCR also showed signs of recovery, with an estimated 236 transactions in 1H2025, a 26.2% increase from the 187 units sold in 1H2024. While still below the peak of 986 units in 1H2023, the figures signal a gradual return of buyer confidence. The rebound follows the cautious sentiment in 2024, largely influenced by the April 2023 ABSD hike, including the steep 60% rate on foreign buyers.

Looking ahead, the market is poised for revitalisation with a slate of anticipated launches in 2H2025, including The Robertson Opus, W Residences – Marina View, Upperhouse at Orchard Boulevard, River Green, Skye at Holland, and One Leonie Residences. With limited fresh supply and evolving urban transformation under the Draft Master Plan 2025, these projects are expected to reignite interest in the CCR.

The evolving demand for well-positioned homes, stable macro fundamentals, and selective pricing strategies by developers have set the stage for a more sustained recovery in Singapore’s prime residential segment.

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 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

research@sri.com.sg

 

  

   

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01 Jul 2025
Q2 2025 Flash Estimates Signal Steady Price Growth Across Private and HDB Segments

In the second quarter of 2025, Singapore’s private residential property market continued to show steady growth, with the price index rising by 0.5%, slightly below the 0.8% recorded in the first quarter. 

Developers adopted a more cautious approach in light of external uncertainties such as the Liberation Day tariff announcements and the General Election. This conservative stance helped support pricing levels amid a quieter launch pipeline.

The broader private residential market is expected to hold firm in the second half of 2025, buoyed by upcoming launches across a range of housing segments—from luxury freehold homes to Executive Condominiums (ECs) in emerging locations. 

In the public housing segment, the HDB resale market showed continued signs of price moderation. Resale prices rose by 0.9% in 2Q2025, following a 1.6% increase in the previous quarter. Cumulatively, prices grew by 2.5% in the first half of 2025, compared to 4.2% in the first half of 2024. 

Looking ahead, the HDB resale market is expected to remain resilient, supported by demand from families, couples, and unsuccessful BTO applicants. 

Over 50,000 new flats are set to be launched from 2025 to 2027, including Shorter Waiting Time flats and Sale of Balance Flats (SBF). Additionally, 50,000 existing flats will reach their Minimum Occupation Period (MOP) between 2026 to 2028, expanding resale supply and easing price pressures. 

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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Consortium of Frasers, Sekisui & CSC Land Tops Nine Bids for Dunearn Road GLS Plot

The Government Land Sales (GLS) site at Dunearn Road attracted intense competition, reflecting a resurgence of developer confidence in the Core Central Region (CCR). The top bid of $491.5 million (or $1,410 psf ppr) was submitted by a consortium of CSC Land Group (Singapore), Sekisui House, and Frasers Property Phoenix II, outbidding eight other contenders. This marks the highest number of bids for any GLS site in 2025 so far, surpassing the eight received for Bayshore Road.

The strong interest underscores the strategic appeal of the site, which benefits from excellent connectivity, a prime Bukit Timah location, and proximity to elite educational institutions. Notably, the site is directly served by Sixth Avenue MRT on the Downtown Line (DTL), and will also be within walking distance of the upcoming Turf City MRT on the Cross Island Line (CRL). Together, these transport nodes enhance the site’s accessibility to the city and other key areas, boosting its attractiveness to both homeowners and tenants.

Developers were likely drawn to the first-mover advantage of this plot, as it is the inaugural GLS site in the Turf City rejuvenation initiative. Launching early offers the opportunity to set a pricing benchmark and define the tone and positioning for future developments within this emerging precinct. The site’s close proximity to top schools such as Hwa Chong Institution, National Junior College, and Raffles Girls’ Primary School further strengthens its appeal for family-oriented buyers.

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Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg